Search found 2355 matches

by Carefreeap
Wed Aug 08, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 6902

Re: "Skin in the game"

Interesting post. Thanks for sharing. Many similarities to my story. I never really forgave my father for being so “ignorant” about education in general and my education in particular. I think he probably got his attitude from his father. Quite surprising because his father was an immigrant and imm...
by Carefreeap
Tue Aug 07, 2018 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 6902

Re: "Skin in the game"

There are many on this board who vehemently claim that it's important for your kid to have skin in the game - that if you don't make your kid pay for at least some of college they will somehow fail to succeed. I see this stated so often, but rarely do those people concede that college funding shoul...
by Carefreeap
Mon Aug 06, 2018 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Strategies for Selling a Rental Property - Not Section 1031 Eligible
Replies: 11
Views: 750

Re: Tax Strategies for Selling a Rental Property - Not Section 1031 Eligible

I don't think you're going to have that big of a capital gain to get involved with some higher risk schemes. If you do actually sell for $250k you still will reduce your gain by sales and fix up costs, say for planning purposes 10% of the sales cost or $25k. Your carry forwards of $50k are going to ...
by Carefreeap
Mon Aug 06, 2018 10:35 am
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2554

Re: What prevents residential real estate buyers from colluding to bring down prices?

Depends. In CA and many other states most buyers are represented by buyer's agents who are contractually working for the fiduciary interest of the buyer. In theory. In practice, buyer's agents get paid more if: 1) The sales price is higher 2) More transactions close quicker. They basically egg buye...
by Carefreeap
Sun Aug 05, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2554

Re: What prevents residential real estate buyers from colluding to bring down prices?

Seems like it would be much easier for sellers to collude. There are a limited number, and they are easier to identify. Ensuring collective action between an unknown and uncapped number of unidentified potential buyers, with the game-theoretic incentive to defect, seems tricky. Indeed. And real est...
by Carefreeap
Sat Aug 04, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6014

Re: Co - signed a Mortage, Now wants out

I don't get the point of a co-signer then. The bank demands a co-signer for his better credit. If the worst credit score among the borrowers is the determining factor, there is no improvement in credit-worthiness from another signer. That can't be the case. As mentioned earlier, It is combined DTI....
by Carefreeap
Sat Aug 04, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Yogi said it. It must be true.
Replies: 18
Views: 2169

Re: Yogi said it. It must be true.

It's deja vu all over again!
by Carefreeap
Fri Aug 03, 2018 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: First Home, quadplex???
Replies: 15
Views: 1423

Re: First Home, quadplex???

A four-unit property qualifies for really nice mortgage terms if you are willing to live there for a year. If it is your intent to become a landlord, you can buy up to ten of them, one per year and get 30-year fixed Fannie Mae financing on them all with a minimal down-payment. Also FHA. I'd be temp...
by Carefreeap
Fri Aug 03, 2018 6:25 pm
Forum: Personal Consumer Issues
Topic: Gated communities pros and cons? (Atlanta or anywhere.)
Replies: 67
Views: 4191

Re: Gated communities pros and cons? (Atlanta or anywhere.)

So, if you were a car thief, would you try and case a gated community or go for the house across from it with less deterrence? Of course targeted crime is one thing, but that isn't quite the subject of this thread. Crime of opportunity - gated community would decrease car theft. If I were a car thi...
by Carefreeap
Fri Aug 03, 2018 4:49 pm
Forum: Personal Consumer Issues
Topic: West Coast Tour Group Suggestions
Replies: 17
Views: 1033

Re: West Coast Tour Group Suggestions

West Coast - you may want to check the wildfires.....tourism is quite down this year, and the fires have some areas very foggy and many roads closed. I was just in CA and experienced this firsthand. Yosemite as an example is 'foggy' with smoke. Carr fire by Redding (stayed there a night) has many r...
by Carefreeap
Fri Aug 03, 2018 4:32 pm
Forum: Personal Consumer Issues
Topic: Realtor Compensation (Couldn't sell, so renting)
Replies: 21
Views: 2229

Re: Realtor Compensation (Couldn't sell, so renting)

So we have had our house on the market for 3 months and unfortunately have not been able to sell it. Thus, we are now planning to rent it. It looks like our realtor has brought in a pretty good renter without actually having listed it for rent... Is there a standard compensation for this? In the co...
by Carefreeap
Fri Aug 03, 2018 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Bag with bank information goes missing (from bank)
Replies: 20
Views: 1438

Re: Bag with bank information goes missing (from bank)

I think everybody already has my name, address, and account numbers. Personally, I wouldn't worry about it myself. +1 Any time you write a check someone has your name, address and account number. I guess your relative could keep checking his/her account in the event some nefarious person doesn't cr...
by Carefreeap
Tue Jul 31, 2018 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1626

Re: Any reason a building should not consent to a condo buyer using a family mortgage?

A more common problem is too many non owner occupants. In a small complex it doesn't take much to tip the balance. Also if one owner owns more than 10% of the units which is clearly the case of a 4 unit building. Here, a couple of articles about small co-ops that I found interesting: https://www.ny...
by Carefreeap
Tue Jul 31, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1626

Re: Any reason a building should not consent to a condo buyer using a family mortgage?

Is the condo association doing separate financial due diligence on the buyer? If not, I could imagine a situation where a non-arms length relationship between buyer and lender allows someone who is not qualified enough for a bank loan to buy into the building. This could increase chance of default ...
by Carefreeap
Sun Jul 29, 2018 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1626

Re: Any reason a building should not consent to a condo buyer using a family mortgage?

I suppose there's a low risk that if the HOA didn't have a rule about approving a private mortgage that some unsavory Russian Oligarch could use the condo as a money laundering vehicle by foreclosing on a straw buyer... :twisted: :wink: :twisted: As Board President you'll have to convince the Board ...
by Carefreeap
Tue Jul 24, 2018 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing principal of trust with no income
Replies: 9
Views: 494

Re: Distributing principal of trust with no income

Okay looks like I don't need to file a 1040 or 1041 in this case since I'm not close to hitting the income minimums. That will be one less headache I have to deal with (though a small one). For now I'll just keep good records for myself and the other beneficiaries and distribute the principal once ...
by Carefreeap
Tue Jul 24, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing principal of trust with no income
Replies: 9
Views: 494

Re: Distributing principal of trust with no income

Sorry to hear about your father. Typically there are two types of tax returns you will need to do. One is the final return of the deceased tax payer and the other is the final return of the Trust. Did the cash generate interest during the time of the Trust? If so you will need to list it on the fina...
by Carefreeap
Tue Jul 24, 2018 2:46 pm
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 65
Views: 6167

Re: I want to sell my home, but I don't want to fix it up

We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed. Often? Yikes! Price it to sell and get out of there as quickly as you can. It could be as simple as drywall seams expanding and contracting after periods of drought in areas with clay so...
by Carefreeap
Tue Jul 24, 2018 10:06 am
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 65
Views: 6167

Re: I want to sell my home, but I don't want to fix it up

We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed. Often? Yikes! Price it to sell and get out of there as quickly as you can. It could be as simple as drywall seams expanding and contracting after periods of drought in areas with clay so...
by Carefreeap
Mon Jul 23, 2018 6:42 pm
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 65
Views: 6167

Re: I want to sell my home, but I don't want to fix it up

See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced. +1 That wo...
by Carefreeap
Mon Jul 23, 2018 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1482

Re: Location Independent (Nomad) Living Will

Carefreeap, how did BofA realize that you were in Germany? Did you change your account address to Germany or did they detected a connection into your accounts from overseas? No we didn't change our address. We were living in AZ in an area that was considered "rural", didn't have home delivery and k...
by Carefreeap
Mon Jul 23, 2018 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1482

Re: Location Independent (Nomad) Living Will

These are very good points. I can see how having an advance medical directive might be very difficult if not impossible considering the differences in laws in each of those countries. With that on mind I would like to recast the question into how to best do asset distribution. Even when I don't pla...
by Carefreeap
Sun Jul 22, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1482

Re: Location Independent (Nomad) Living Will

I'm trying to find information on how to best create a living will when I plan to be location independent. Pretty much everything I've found is information specific to a state. I'm 55 years currently in TX and plan to retire overseas in about a year. Once retired, I only plan to return to the US on...
by Carefreeap
Sat Jul 21, 2018 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Unpermitted structure - options?
Replies: 25
Views: 1919

Re: Unpermitted structure - options?

Also, wouldn't the unpermitted status of this ADU (accessory dwelling unit) have required disclosure during the buying process? Only if the selling party knew it was not permitted. The owners before them could have added it. They probably knew. If the structure added square footage it would most li...
by Carefreeap
Sat Jul 21, 2018 12:45 pm
Forum: Personal Consumer Issues
Topic: House foundation repair with Helical Piers - urgent request
Replies: 22
Views: 1527

Re: House foundation repair with Helical Piers - urgent request

It sounds like repairs were done, but why is house up for sale so quickly after they were done? What does your sons attorney say? I cannot fathom why you would ask an attorney about an engineering issue. To OP: The house has had a serious foundation problem that has been repaired and there is a war...
by Carefreeap
Sat Jul 21, 2018 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Unpermitted structure - options?
Replies: 25
Views: 1919

Re: Unpermitted structure - options?

These are incredibly common in the California county in which I live. Because housing in some areas of the state is so constrained, especially in certain parts of the Bay Area, many counties are implementing "amnesty"-type pathways to legalizing units. Have you looked into this? It is not just LA a...
by Carefreeap
Sat Jul 21, 2018 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Successor Trustee duties? Help!
Replies: 3
Views: 400

Re: Successor Trustee duties? Help!

Seek personal legal counsel for advice and direction. j +1 FWIW I was a beneficiary of an upside estate including a condo that was underwater by about $300k in 2008. There was another $100k of IRS and credit card debt. I did my homework and was able to turn things around. I sold that condo last yea...
by Carefreeap
Fri Jul 20, 2018 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Downsize or just move on
Replies: 11
Views: 1121

Re: Downsize or just move on

Thanks for the replies. I've added some more info. Like some of you pointed out, I think I do feel regret not investing in the market early on and missing out a huge bull run. Mind you, when I was in school all I heard in the news was the Stock Market crashing everyday, so I was not inclined to inv...
by Carefreeap
Fri Jul 20, 2018 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Financial transparency
Replies: 19
Views: 926

Re: Financial transparency

Pretty sure this thread is going to get locked! How old are you? The kindest thing I can come up with is if comments like that bother you then you need to find someone who is also fiscally conservative. That said, in a relationship there are times that you are going to disagree. Instead of packing u...
by Carefreeap
Thu Jul 19, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Liability with assets in irrevocable trust, bsteiner
Replies: 1
Views: 321

Re: Liability with assets in irrevocable trust, bsteiner

Doesn't the house have insurance, including liability insurance? If there are substantial assets then perhaps an umbrella policy is needed? If you're really worried about lawsuits against the property than holding it in an LLC might be warranted. But that leads to a whole 'nother set of hassles. The...
by Carefreeap
Thu Jul 19, 2018 10:29 am
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 15668

Re: New book based on Millionaire Next Door

...Some 46% of the educators attribute their wealth to inheritance... I find it difficult to believe that a greater percentage of educators would inherit significant resources than either doctors or lawyers. I could easily be convinced by the right data, but a priori there is no reason to assume th...
by Carefreeap
Thu Jul 19, 2018 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Can churning negatively affect getting a good mortgage rate?
Replies: 19
Views: 1268

Re: Can churning negatively affect getting a good mortgage rate?

By "churning" it sounds like you are opening and closing credit cards? If so you might want to edit your post. Churning can mean a lot of different things. Are you closing the cards as well as opening new ones and doing transfer balances? If so that kind of activity can affect your score because you...
by Carefreeap
Wed Jul 18, 2018 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a vacation home while renting
Replies: 61
Views: 3796

Re: Buy a vacation home while renting

A friend of mine has exactly this kind of house. 2 and a half hours away from the main home. Great place in the woods with plenty of hiking trails, close to mountains, close to lakes. He goes every weekend. Every Monday, he'd come in and tell me what a great time he had: "I wired in the cable so we...
by Carefreeap
Wed Jul 18, 2018 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 15668

Re: New book based on Millionaire Next Door

My parents were convinced that if you were a doctor you wouldn't have any money problems and that's just not true. :thumbsup Absolutely. It comes from the mindset that income equals wealth, but that's just plain wrong on several levels. And that pretty much sums up my parents. They had a very good ...
by Carefreeap
Wed Jul 18, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 15668

Re: New book based on Millionaire Next Door

My parents were convinced that if you were a doctor you wouldn't have any money problems and that's just not true. :thumbsup Absolutely. It comes from the mindset that income equals wealth, but that's just plain wrong on several levels. And that pretty much sums up my parents. They had a very good ...
by Carefreeap
Wed Jul 18, 2018 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Unusual asset protection strategies
Replies: 11
Views: 1440

Re: Unusual asset protection strategies

You'll also notice that most of the companies pushing these unusual steps are on the receiving end of a lot of money from the fear they create. Doesn't mean they are right or wrong, but I believe it calls for a dash of skepticism. +1 And right up there with various tax schemes to prevent the govern...
by Carefreeap
Wed Jul 18, 2018 10:09 am
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 15668

Re: New book based on Millionaire Next Door

The assumption that doctors, lawyers et cetera are wealthy because of their professions and often aren't because of student debt, the delay into the workforce and the image they often feel they need to project was excellent. I knew this to be true at about age 19. I was putting myself through colle...
by Carefreeap
Tue Jul 17, 2018 9:45 am
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 15668

Re: New book based on Millionaire Next Door

I read the first book and learned from it. However, it all comes down to this: If you spend all your money, you won't have any. Lol, you're right but what I thought it did a really good job at was pointing out that people who look like they are doing well very well not be. The assumption that docto...
by Carefreeap
Mon Jul 16, 2018 6:10 pm
Forum: Personal Consumer Issues
Topic: How much did your braces/invisalign braces cost?
Replies: 32
Views: 2718

Re: How much did your braces/invisalign braces cost?

5K (less 10% cash discount) to a dentist who teaches other dentists how to use Invisalign. Scottsdale AZ beginning of 2008.

While I was very happy with my ortho I do think that there's a zip code premium.
by Carefreeap
Sun Jul 15, 2018 3:33 pm
Forum: Personal Consumer Issues
Topic: Kitchen Remodel
Replies: 23
Views: 1849

Re: Kitchen Remodel

7. Cabinetry with rolling shelves and other features to save the "back" is worth a million ice packs. 8. The corners of a range hood or cooktop hood should never ever be below the tallest person in the house. :shock: 7. What is a rolling shelf? It's a flat drawer behind a door. Just get drawers in ...
by Carefreeap
Sun Jul 15, 2018 10:37 am
Forum: Personal Consumer Issues
Topic: Kitchen Remodel
Replies: 23
Views: 1849

Re: Kitchen Remodel

7. Cabinetry with rolling shelves and other features to save the "back" is worth a million ice packs. 8. The corners of a range hood or cooktop hood should never ever be below the tallest person in the house. :shock: 7. What is a rolling shelf? It's a flat drawer behind a door. Just get drawers in ...
by Carefreeap
Sun Jul 15, 2018 10:32 am
Forum: Personal Consumer Issues
Topic: Kitchen Remodel
Replies: 23
Views: 1849

Re: Kitchen Remodel

Thoughts. 1 Buy a range hood that is powerful, but "quiet". 2. Upsize the range hood duct to exterior wall. 3. Heat generating appliances with the digital control board near the heat need more repairs. 4. Buy appliances per a history of long term reliability and function vs "name" and cosmetics. 5....
by Carefreeap
Fri Jul 13, 2018 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1125

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

So many unrealistic expectations. A real lesson to those who think they are going inherit a fortune! Yes, but that story would make a great novel and television miniseries and might be worth more than the house would have been. Unrealistic Expectations might be an appropriate title for it. LOL, I'd...
by Carefreeap
Fri Jul 13, 2018 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1125

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

... I'm trying to wrap my head around a scenario whereby a life estate tenant would/could put up their interest as collateral. ... Have you actually seen something like this in real life? Life estates are awkward, so we try to avoid them. What happens when the property needs major repairs? If the r...
by Carefreeap
Thu Jul 12, 2018 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone experienced landlords here? Caught some of my tenants renting out rooms. Anything I should do?
Replies: 33
Views: 5964

Re: Anyone experienced landlords here? Caught some of my tenants renting out rooms. Anything I should do?

We have a property management company but I'll you why I would specify no sublets in the lease. As mentioned, you haven't screened the other 2 occupants. There will be additional wear and tear on your rental. These other 2 will have cars and likely overnight guests. If you want to tick off all your...
by Carefreeap
Thu Jul 12, 2018 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1125

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

That sounds way more complicated than it needed to be. Yikes. Lol, they usually are! I'm sure B. Steiner has examples of where they worked out. But I don't think that most do. Often people stay in houses longer than they really should and the house falls into ruin because they don't have the abilit...
by Carefreeap
Thu Jul 12, 2018 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1125

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

Ultimately the one my FIL created for his third wife failed. She couldn't afford to make the payments on the existing mortgage which was financed via a family trust. Although it destroyed the relationship between DH and her I figure we dodged a bullet. She's still alive 17 years later. I cannot ima...
by Carefreeap
Thu Jul 12, 2018 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1125

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

It's similar to buying a building where there's a tenant with a lease at a rent that's less than what the rent would be for a new tenant, except in this case you don't know how long she'll live. So there's the risk that she could live longer than average (and the possibility that she could die soon...
by Carefreeap
Thu Jul 12, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone experienced landlords here? Caught some of my tenants renting out rooms. Anything I should do?
Replies: 33
Views: 5964

Re: Anyone experienced landlords here? Caught some of my tenants renting out rooms. Anything I should do?

I am a new real estate investor and just bought a rental property in the Houston Texas area. One of my tenants rented the 2 bedroom townhouse themselves and I found is now sleeping in the living room and renting out the other 2 rooms to other people and did not inform me about this. The main tenant...
by Carefreeap
Thu Jul 12, 2018 1:49 pm
Forum: Personal Consumer Issues
Topic: kayaking!
Replies: 17
Views: 1499

Re: kayaking!

My recommendation would be to take a class at some nearby kayaking school. They often have many types of kayaks you can try out to see which one best fits you and you get some basic instruction. Another option would be to rent several different ones and try them on for size before investing in one....